These are historic times, though painful and unsettling. Taken together, Lehman’s bankruptcy announcement, news of Bank of America’s acquisition of Merrill Lynch, Treasury Secretary Paulson’s stated refusal to bail out American International Group and the stock market’s 4.7% decline will place yesterday among the most remarkable and memorable days in modern market history – if not the entire history of our markets.

To continue reading this issue of Research Notes, please click here.